University of Houston endowment sets $4 million for Texas-based venture capital

University of Houston System committed $4 million to LiveOak Venture Partners II on behalf of its $572 million endowment, according to a webcast of Thursday’s endowment management committee meeting.

The fund invests in Texas-based early-stage information technology and technology-enabled services companies, according to materials prepared for the meeting.

The system previously committed $2 million to predecessor fund LiveOak Venture Partners I.

Separately, the system terminated Mayo Capital Partners as a global equity manager because of organizational changes, including the departure of founder Richard Mayo.

As of Dec. 31, the system had $13.7 million invested in the strategy. Assets will be transferred to existing passive global equity manager Northern Trust Asset Management, said Raymond Bartlett, associate vice chancellor for finance for the system, in an email. The system currently has $34 million in the Northern Trust strategy.